Chinese property bond bonanza adds $2.5bn to market

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By Addison Gong
05 Nov 2019

Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance.

Powerlong Real Estate Holdings raised $300m from a three non-call two year bond at a 7.3% yield. The pricing was 45bp inside initial guidance at the 7.75% area, set by global co-ordinators Bank of America, Credit Suisse, Guotai Junan International, Haitong International, HSBC and UBS.

The deal ...

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